Piedmont Office Realty Trust, Inc. (PDM) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-91.5%

$0.84

vs $9.82 price

Levered DCF

-$12.61

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.38

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-12.45×	-14.3×	-18.23×	7.71×	-1,976.34×	8.77×	16.85×	16.54×
P/B	0.69×	0.71×	0.51×	0.61×	1.28×	1.08×	1.54×	1.26×
P/S	1.84×	1.99×	1.52×	2.01×	4.31×	3.81×	5.24×	4.09×
EV / EBITDA	12.33×	13.33×	10.64×	7.37×	16.66×	12.91×	15.14×	10.71×
Gross margin	-20.7%	58.9%	59.3%	59.9%	60.1%	59.8%	60.4%	60.2%
Operating margin	14.1%	13.0%	13.4%	14.9%	15.3%	16.6%	53.8%	22.0%
Net margin	-14.8%	-13.9%	-8.4%	26.0%	-0.2%	43.5%	43.0%	24.8%
Current ratio	2×	1.15×	0.82×	1.09×	2.15×	1.89×	1.39×	1.27×
Debt / equity	1.52×	1.58×	1.22×	1.1×	1.05×	0.86×	0.82×	0.99×
Interest coverage	0.62×	0.6×	0.76×	1.28×	1.58×	1.61×	4.66×	1.9×
Dividend yield	3.0%	5.5%	10.6%	9.2%	4.6%	5.2%	3.8%	8.6%
Payout ratio	-36.9%	-78.2%	-192.5%	71.1%	-9011.7%	45.7%	46.4%	141.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-5.6%	-5.0%	-2.8%	7.9%	-0.1%	12.3%	12.6%	7.6%
Return on invested capital	2.0%	1.8%	2.0%	2.2%	2.1%	2.5%	8.5%	3.4%
Return on assets	-2.1%	-1.9%	-1.2%	3.6%	-0.0%	6.2%	6.5%	3.6%
Free cash flow yield	-1.6%	-1.2%	5.9%	8.3%	5.2%	4.0%	3.8%	6.1%
Earnings yield	-8.1%	-7.0%	-5.5%	13.0%	-0.1%	11.4%	8.2%	6.1%
Enterprise value	$3.3B	$3.5B	$3B	$3.2B	$4.2B	$3.7B	$4.3B	$3.8B
Net debt / EBITDA	8.47×	9.04×	7.5×	4.73×	7.52×	5.72×	5.22×	4.7×
Cash conversion cycle (days)	50	-105	-84	-59	-84	-82	-104	-103